As a lawyer, you likely know how important an Austin legal malpractice insurance policy is. This type of coverage can help pay for legal fees accrued due to accusations of malpractice. Every policy is not the same. There are different coverage options available to you from different insurance providers. These options include:
- Deductible: You can find coverage with higher or lower deductible. The deductible is what your firm will be expected to pay out of pocket.
- Prior Acts: Some policies have a prior acts date, which is the date the policy’s benefits start taking place. For example, if an accusation of malpractice was brought to the firm, but it happened before the prior acts date, it may not be covered by this Austin legal malpractice insurance.
- Limit of Liability: This is the maximum amount an insurance company will pay, and it can vary from policy to policy and provider to provider.
- Claim Expenses: Apart from the limit of liability, you can add extra coverage through a claim expenses policy. This will help cover fees beyond what is covered by the limit.
There are other options you have to consider adding as well. You could get disciplinary, subpoena or worldwide coverage. Work closely with your insurance provider to create the Austin legal malpractice insurance policy that best fits your needs.